INVESTOR PRESENTATION
31 JANUARY 2025
A HIGH PERFORMING BUSINESS IN GROWING MARKETS
Our aim is for heroes to survive and thrive . . .
WHO WE ARE
Our purpose is Protecting Lives. It's something everyone in this business cares passionately about.
WHAT WE DO
Our mission is to provide unparalleled protection for those who protect us, giving them the confidence to tackle challenging situations and helping them get home safe.
. . . no matter the mission
2 1
A best-in-class product portfolio...
1 Best in class product range
-
Long-term,sole-source, multi-year contracts
Broadening user-base - driven by changing threat landscape
4 | Expanding product |
portfolio |
High-growth Underwater
5 Rebreather business
Sustainable
revenue growth
Strengthened
financial & operational
discipline
. . . underpinned by strong recurring revenue streams
2 2
Leading commercial and international opportunity …
Multi-year
- contracts secured
- Strong DOD order book
- Large commercial & International market opportunity
- Leading technology
- Expanding product portfolio
Strong order
book with focus
on execution
Improved margin
delivery
. . . with considerable opportunity for margin growth 2 3 through site rationalisation and Continuous Improvement
A focused NATO defence and first responder business . . .
Revenue by division and customer
18% 27%
29%
23%
3%
53% 47%
6% | ||
Military US | ||
Military Europe | 22% | |
Military Rest of World | ||
Commercial US | 7% | 65% |
Commercial Europe & | ||
Rest of World |
. . . with a broad customer base
2 4
Growing US and NATO demand for military helmets and respirators . . .
$m | Annual ballistic helmet demand - military1 | $m | Annual respirator demand - military1 | |||||||||||||||||
250 | 180 | |||||||||||||||||||
200 | 160 | |||||||||||||||||||
140 | ||||||||||||||||||||
150 | 120 | |||||||||||||||||||
100 | ||||||||||||||||||||
100 | 80 | |||||||||||||||||||
60 | ||||||||||||||||||||
50 | 40 | |||||||||||||||||||
20 | ||||||||||||||||||||
0 | ||||||||||||||||||||
0 | ||||||||||||||||||||
Ø19-23 | 2024 | 2028 | Ø19-23 | 2024 | 2028 | |||||||||||||||
US | Other NATO | US | Other NATO | |||||||||||||||||
- Aggregate 2024-2028 CAGR across helmets and respirators estimated at 4%
- Significant non-US & NATO market for military helmets and respirators expected to grow from Ø$345m (2019-2023) to Ø$380m (2024-2028)
. . . non-NATO addressable markets also growing
2 5 | 1. Roland Berger L1 & L2 Military Forecast 2024-28 |
Law enforcement markets growing 3-4% compound . . .
$m
90
80
70
60
50
40
30
20
10
0
Annual ballistic helmet demand - law
enforcement
$m
Ø19-23 | 2024 | 2028 |
US Other NATO
Annual respirator demand - law enforcement
60
50
40
30
20
10
0
Ø19-23 | 2024 | 2028 |
US Other NATO
- Law enforcement officer threat exposure increasing
- Other commercial markets (firefighters, emergency medical response etc) remain robust
- Significant non-US & NATO market for commercial helmets and respirators expected to grow from Ø$134m (2019-2023) to Ø$159m (2024-2028)
. . . with significant further growth in RoW
2 6 | 1. Roland Berger L1 & L2 Military Forecast 2024-28 |
Strategy to deliver over medium and long term . . .
- SAFER, HAPPIER, MORE CAPABLE PEOPLE
- GENERATE CASH
- WEALTH THROUGH PRODUCTIVITY
- GROWTH
LEVERAGE
INNOVATION TO
DRIVE LONG
TERM GROWTH
IMPROVE
MARGINS & CREATE CAPACITY TO INVEST IN GROWTH
ORGANICALLY GROW THE CORE AND SCALE UP EMERGING OPPORTUNITIES
. . . Continuous Improvement now a key limb
2 7
STRENGTHEN THROUGH CONTINUOUS IMPROVEMENT